Hello fellow traders. In this technical blog we’re going to take a quick look at the Elliott Wave charts of GOOGL, published in members area of the website. As our members know, Google is trading within the cycle from the March 1009.6 low. Proposed cycle is unfolding as 5 waves structure, when its last leg still looks incomplete. We advised members to avoid selling GOOGL and keep on favoring the long side. In further text we’re going to explain Elliott Wave Forecast.
GOOGL 1 Hour Elliott Wave Analysis 4.30.2020
The price reached short term extremes from the 1204.68 low at 1344.3-1379.7 area. We expect to see pull back wave 4 before further rally resumes. We don’t recommend selling the Stock in any proposed push lower. As we got only 3 waves up from the 1204.68 low, we assume that cycle is not completed yet, expecting at least another leg up to complete 5waves up in the cycle from the 1204.6 low.
GOOGL 1 Hour Elliott Wave Analysis 5.4.2020
GOOGL has given us expected pull back that has unfolded as Elliott Wave Double Three Pattern. The price has reached our buying zone, equal legs ((w))-((x)) black red at 1312.6-1288.5 ( buyers zone) . From marked Blue Box area area we expect rally to take us toward new highs ideally. As our members know Blue Boxes are no enemy areas , giving us 85% chance to get a bounce.
GOOGL 1 Hour Elliott Wave Analysis 5.4.2020
The stock found buyers at the Blue Box area: 1312.6-1288.5. We got nice reaction from there, when the price made new high, confirming next leg up is in progress. All longs from the blue box should be risk free at this stage. Now the price is bullish against the 1296.3 low.
Keep in mind that market is dynamic and presented view could have changed in the mean time. Best instruments to trade are those having incomplete bullish or bearish swings sequences. We put them in Sequence Report and best among them are shown in the Live Trading Room. You can check most recent charts in the membership area of the site.
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